Maytas Infrastructure Ltd, the listed company floated by the promoters of Satyam Computer Services, plans to raise Rs 800 crore to Rs 1,000 crore through asset sales plus loan and guarantees from banks to complete various projects, including the prestigious Hyderabad Metro, and to bid for some new projects that are coming up for auction.
The Andhra Pradesh government will review the concession agreement it has signed with Maytas-led consortium for developing the Machilipatnam Port as the winning bidder for the over Rs 1,500-crore (Rs 15 billion) project has failed to tie up funds within the stipulated time.
The company failed to achieve financial closure for the Rs 12,100-crore (Rs 121 billion) metro project in March and had sought extension of the deadline by another six months. The decision on it is pending with the state government. Doubts were also expressed about its capabilities to execute the Rs 1,650-crore (Rs 16.5 billion) Machilipatnam project.
This is the second project in the country in which a metro rail project is being undertaken through a PPP model after the 71-kilometre Hyderabad metro project was won by Maytas Infrastructure. According to industry sources, infrastructure major Larsen & Toubro had also initially shown interest for the project, but backed out finally.
The Andhra Pradesh Cabinet has approved a bill to implement Rs 9,696 crore Hyderabad Metro Rail Project which is expected to be completed by 2011.
Within hours of Company Law Board orders, the government on Thursday appointed its nominees on the boards of Maytas Infra and Maytas Properties, the companies promoted by the kin of disgraced founder of the Satyam Computer Services B Ramalinga Raju.
Everyone is familiar with the fact that governments and developers have taken land prices so high that it makes it very difficult for ordinary working people to afford for themselves even a small flat. But it is those same high prices for land that help subsidise so many infrastructural projects, and indeed make them possible in the cities.
Six persons were arrested on Wednesday in connection with the collapse of an under-construction flyover leading to the death of two persons seven months ago.
Under the 20.68 km-long monorail project, services will be provided between Poonamalle and Kathipara with a link from Porur to Vadapalani in Chennai, a senior UD Ministry official said.
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While 44 per cent of the problems relate to environmental issues, 60-65 per cent under the PMG radar are coal-fired thermal power projects mostly awaiting coal linkages.
Metro projects usually require additional funding by promoters, which RInfra refuses to in this case.
SN Subrahmanyan is known to be a fitness enthusiast and loves taking long walks.
One hopes that the government will act on the Kelkar panel recommendations.
The NHAI says non-availability of funds from private developers and financial institutions is also responsible for major delays.
Ivanka spoke for a good 15 minutes, gracefully, looking straight at her audience, her face wreathed often in winning smiles. She is an articulate, striking, woman who charmed her audience.
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